Intraday analysis covering EURUSD analysis, USDCAD, and USOIL , highlighting recent price movements, key technical levels, and short-term momentum shifts across major markets.
EURUSD remains bearish
the EURUSD analysis shows The Euro looks to claw back some losses after the recent downturn has seen over 250 pips wiped off the pair. Rebounds have been limited so far, which means that sellers have more control.
- The current downturn has seen a slip below the immediate support of 1.1380, which has now become a firm resistance.
- With the RSI attempting to bounce back into the neutral area, a move past 1.1380 will see the next test at 1.1460 to see traders’ reactions.
- Any signs of exhaustion will see a more aggressive run towards 1.1300.
USDCAD hits another high
The American dollar continued its dominance over its neighbour as price action hit another higher high.
- Clearing the 1.4200 resistance has helped the bullish run gain traction.
- However, with a long-term bearish divergence still in play on the RSI, a move lower would expose 1.4180, a key support level.
- Its breach could trigger a test at 1.4100 and potentially give traders a bearish run.
USOIL breaking lower
WTI continued its surge lower as more ships cleared through the Strait of Hormuz.
- The recent spike lower saw almost $10 erased from the value of the black gold as price action tested the 70.00 level.
- As the RSI sticks to oversold territory, traders are sceptical that a correction could be on the horizon.
- The psychological level of 70.00 has become fresh support, with 68.00 as the next target.
- Any chance of a turnaround needs a break at 74.20.
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